Gap Names Disney Executive CEO

Innovation Update

Meredith Derby

09/26/02 - 09:08 AM EDT

Gap Stores(GPS Quote) said a 15-year Walt Disney(DIS Quote) veteran and theme park chairman will take over as the company's new chief executive and president, effective immediately.

Paul Pressler takes over the CEO slot from Millard S. Drexler, who said in May that he would retire once new replacement was hired.

Previously, Pressler was president of the Disneyland Resort in Anaheim, Calif. He was president of Disney Stores for three years before that.

Shares of San Francisco-based Gap closed at $11.99 Wednesday on the New York Stock Exchange.

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